Magic Eden (ME) Massive Leap Draws Bearish Attention

The Magic Eden coin has stood out in the crypto market today, recording a notable price growth of 8.14%. As a result, it is the only coin on today’s list of best-performing cryptocurrencies at the time of writing. While bearish pressure remains evident in the market, let’s take a closer look at the latest performance.

ME Market Statistics

Current Price: $0.813

Market Capitalization: $136.65M

Circulating Supply: 167.13M

Total Supply: 1B

CoinMarketCap Rank: 290

Key Price Levels

Resistance: $0.8500, $0.9000, $1.000

Support: $0.8000, $0.6000, $0.4000

ME Maintains Notable Gains

The Magic Eden coin has emerged as today’s top-performing cryptocurrency. This is reflected in the latest price candle on the chart. Although the candle has contracted downward by more than half of its initial size, it still secures enough gains to outperform the previous session.

Price action remains above the 9-day Exponential Moving Average (EMA), a sign of underlying strength. Additionally, the Stochastic Relative Strength Index (SRSI) has delivered an upward crossover just below the 50 mark, with the lines continuing to trend upward following the bullish signal.

Magic Eden Faces Bearish Pressure

While the market experienced a strong rebound today, bearish momentum has begun resurfacing. The ME coin has pulled back since the previous session, and the downward move has extended into the ongoing session, suggesting growing selling pressure.

Even so, price activity remains above the 9-day EMA line. At the same time, the SRSI indicator lines are converging around the 80 level. The fact that price action stays above the EMA helps explain why the SRSI has not yet confirmed a downward crossover.

At this point, traders can remain cautiously optimistic about ME’s potential to retest the $0.9000 resistance level.

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